Elon Musk recently did Dogecoin a favor. It caused a steep rise in the value of Dogecoin. What caused the steep rise was that Musk said that he would eat a McDonald’s Happy Meal on television. The condition, however, was that McDonald’s should agree to accept meme-based crypto as payment.
Dogecoin was created as an alternative to bitcoin. The name and logo of Dogecoin are derived from a meme on Shiba Inu that had gone viral earlier. The creators were Billy Markus and Jackson Palmer – both software engineers. There had been several fraud crypto coins that had come up and Dogecoin was meant to be a satire on that.
Elon Musk On Dogecoin
McDonald’s agreed, but with a pre-condition – that Tesla, in turn, should accept Grimacecoin. This prompted many developers to actually create a cryptocurrency called Grimacecoin on BSC. The developers are not known and it is feared that it may be a fraud.
However, immediately after its launch, the value of Grimacecoin went up by 6000% and finally settled 30% below its peak.
However, Musk continues to support Dogecoin. He reiterated that Dogecoin is best suited for payments. He rated Dogecoins ahead of bitcoins for daily transactions. He reasoned that while the transaction value of bitcoin is low, its transaction costs are high. This makes bitcoin unsuitable for transactions. Here Dogecoin scores over BTC and is ideal for transactions.
Another advantage of DOGE, Musk said, was that it can make DeFi more easily reachable by everyone. In this aspect, it even scores over Ether. To prove his intent, he said that Tesla would accept DOGE on a trial basis.
